Getty Realty Corp. Acquires Refuel Convenience Stores

Getty Realty Corp., a net lease REIT focused on convenience and automotive retail real estate, announced that it has closed a $260.9 million sale leaseback transaction with Charleston-based Refuel Operating Company, LLC, a leading convenience store and retail fuel owner and operator with approximately 250 locations in five states across the Southeastern United States. Pursuant to the transaction, the company acquired 41 convenience stores and simultaneously entered into four long-term, unitary net leases with Refuel.

The acquired properties are diversified across several growing markets and include 17 stores in South Carolina, 12 stores in North Carolina, seven stores in Texas, and five stores in Mississippi. The properties in each state are subject to unitary leases with initial terms of 20 years, multiple renewal options, and rent increases every five years. The 41 convenience stores are modern, large-format locations that include proprietary hot food offerings and/or branded QSRs, and average nearly 5,000 square feet and 2.5 acres per site.

Refuel is an existing tenant at six convenience stores owned by the company, five of which were new-to-industry construction financed through Getty’s development funding program. Pro forma for the Refuel transaction and other investment activity closed subsequent to June 30, 2026, Refuel will be the company’s third largest tenant, representing approximately 7.7 percent of the company’s annualized base rent.

Getty expects to fund the Refuel transaction on a leverage-neutral basis through a combination of proceeds from unsettled forward equity sale agreements, a new unsecured term loan, and identified property dispositions.

“We are excited to partner with Refuel on its first portfolio sale leaseback transaction and to further advance the relationship we have cultivated over the last several years,” said Christopher J. Constant, Getty’s president and chief executive officer. “Refuel is one of the leading operators in the convenience store sector, and its premium brand, growing platform, and high-quality real estate align well with Getty’s underwriting criteria for convenience store acquisitions.”

“Getty has been a trusted partner to Refuel for several years, and we are thrilled to expand our relationship through this strategic transaction,” said Travis Smith and Jon Rier, co-CEOs of Refuel. “This transaction creates a more balanced mix of owned and leased real estate, improves the efficiency of our capital structure, and provides additional flexibility to continue investing in our stores, our people, and the long-term growth of Refuel.”